Singapore’s central bank says it has simplified the framework for single family offices or SFOs to operate in the city state.
SFOs that meet requirements to set up shop in Singapore will only have to notify the Monetary Authority of Singapore (MAS) of their operations and maintain an account with a MAS-licensed bank.
MAS, which announced the revised framework in a statement on June 12, says SFOs are also required to file a straightforward annual return with information about their total assets under management and the name of their banks.
“The revised framework provides a simple, streamlined process for single family offices to establish operations in Singapore, whilst enhancing overall monitoring of single family offices,” according to the central bank and financial regulator.
The new rules are effective this week. Existing SFOs in Singapore have been given one year to comply with the revised rules.
